Registered number: 09395678 Charity number: 1167925
IC Philanthropy Foundation
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements for the year ended 31 December 2023
IC Philanthropy Foundation (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Chairman's statement | 2 |
| Trustees' report | 3 - 9 |
| Independent examiner's report | 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 22 |
IC Philanthropy Foundation
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers for the year ended 31 December 2023
Trustees
B N A Weatherill CBE (resigned 4 May 2023) B Cuthbertson H Reiter N J A Howitt (appointed 20 January 2023) F Bunster Galeno L J Hannon E S Mead J R Acheson-Gray F J E Clegg
Company registered number
09395678
Charity registered number
1167925
Registered office
6 Hillbury Gardens Warlingham Surrey CR6 9TQ
Company secretary
L J Hannon
Accountants
Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
Bankers
Lloyds Bank 3 St George's Rd Wimbledon London SW19 4DR
Page 1
IC Phllanthropy Foundatlon (Acornpany Ilmlted by guardnieo) Chalmian's slat•m•nt for the year ended 31 Dec4fflbor2023 As we prepare thls annual report l am deepty humbled and Weful. Sinc our founding In 2010. end vmth your ongoing supwl. we have steadfaSY pw5ued ow m15sion to hamess Ihe transformative power of temis to better the lives of derpIrIeged thldren aThJ yDung peoWe rylh disabratles around the world. Thls year. our caiiVs Inltuenc• has grown throw 17 prowimes a(xoss lh8 worfd -from Argentlna to Au8tralla. Elhlopla to Gre81 lIn. These knTUatr•es go beyond merety teathing tennis: they foskr crncial life $kllls such as self-confidenc8, dlsdpline. tsamth and fespecL Thes8 attributes extend beyond the lenni9 courts, sIgnIficanY shaplng tho everyday Ilves of the >wig peo we serve. In 2023, we witnessed our reach and Impact expand sleadlly. wllh notable achievements ind[rJ Ihe remarkable Success of our inaugural programme In Rw8nd8 and the development of a pllot"Cultural Exchange Programme" fhat allow8 participants from the US and Unjguay to share and leam frcffi each olherfs and oJtiure3. Thls ar. I personalty VIle4 our progr8mm6s In AJgentina and Spawi. In 8uenos Alfes. we 6UPPOrt an Inidattva wlth Fundaclon 8a(xigalupo for chiklren with leamlng difflcufttes. It was a privilege 10 share a tennls court wlth Martin. a fonner participant who has pro95$ed to became an asslslrt coach on the programme. In Spaln. our programme. led by lormer ¥time Ffench Open chwnplon Sergl Bwguern and COw$ponsored by tha Catalan Tennis Federatlon 8nd Acel Federatton, offprs pathpants 18amlng (thsabllities a than¢e to develop phtCa1ty. galn sklN$. bc¥Jst thglr sew-confidence and enjoy the $porL Thls exp8ri8nrA underscored the programme's value not lust lo parl1Upts but also tr) ItKI bThder ¢mYnunlty, pro¥ldng parents and f2reglvers with peer support and recreational opporlunRies. My fellow Tntslees and l arè 5mmensdy grateful to al Ihe who organlze these programmes. Thelr dedl¢atlon Is Ihe ¢ornerslone of ow suc¢e36 and Ihe p05ibYe Impod on our participants and Ih¢lr ¢ommunSttes. I 8180 warrt to exter a heartfett thar&s lo our donors. whose conti)ued support b5 crucial. A 8peclal thank you goes lo Sue Barker. Anne KeothavorvJ and our patron. ST Trevor MGDonald. vtho were In51tumentsl in our major furKlralskng ovent this yfrar. Lookjng thead to 2024. we are to expidtng Ihe nTrber of wograMM vn support and dIVernn9 our fundraising efforts. Our dear vislon Is to re8ch more chilten. translorm more Ilves make a posltlve ImpaG¢ on live¥ ol every thld we serve, both on the and off Fellp8 Bunster Go18no ChaIan Date: 141 & I ZoL*
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report for the year ended 31 December 2023
The Trustees present their annual report together with the financial statements of the company for the 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. The Trustees' Report also contains a Directors' Report as required by company law.
Objectives and activities
a. Policies and objectives
The objectives of the charity are:
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a) To make grants to International Lawn Tennis Clubs (“ICs”) around the world which run or monitor programmes for disadvantaged children or disabled young people with a view to allowing them to experience the fun of playing tennis and thereby acquiring life skills which could improve their chances in life.
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b) To assist in the provision of facilities, equipment and coaching that will encourage an increase in playing opportunities for less advantaged young people through the community of national ICs at the same time as giving ICs the opportunity to make a contribution to society through tennis.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Charity is focused on the following:
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The raising of funds globally;
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The allocation of funds which will aid in the development of local programmes;
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Working in partnership with the programme owners, i.e. a relevant national IC or other promoting organisation, and offering advice where relevant;
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Monitoring the effectiveness of the programmes through the national IC responsible for the programme; and
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Ensuring that every programme continues to have an IC which is responsible for the programme.
We have five sources of funds: charity dinners involving live and silent auctions, smaller fundraising events, prize draws, direct grants from individual donors who support the ideals of our charity and contributions from likeminded charities/trusts which allocate some of their own funds to our charity. We are extremely grateful to all those who have supported the charity in the past year.
Applications for grants to run a programme are received from within the IC family. These grant applications are reviewed by the Trustees and if they meet established criteria a grant will be made. An application for a grant must, in normal circumstances, be matched by local funding in order to satisfy the Trustees that the IC is sufficiently committed to monitoring and supporting the programme. Their reports must comply with the required format and must be received regularly to allow the Trustees to monitor and assess the effectiveness of the use of the grants.
Page 3
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Objectives and activities (continued)
c. Main activities undertaken to further the company's purposes for the public benefit
The charity is focused on ensuring that disadvantaged children and disabled young people benefit from, and can improve, their sense of well-being through physical education and tuition.
Achievements and performance
a. Key performance indicators
From a small beginning in early 2010 as the philanthropic arm of the IC Council, and now as the IC Philanthropy Foundation (ICPF), funds have been raised to support these tennis programmes. The success of the fundraising and the number of children and young people benefiting from the programmes encouraged the members of the Philanthropy committee of the IC Council to incorporate as a company limited by guarantee in 2015 and obtain charitable status in 2016.
These accounts are a testament to this strategy as the charity has a healthy bank balance of £90,221 (2022: £161,393) as at the end of December 2023 and is currently contributing to 17 programmes.
b. Review of activities
Following the challenges imposed on our activity from the pandemic we are pleased that all our programmes returned to normality during the course of 2023. The 18 programmes received grants of £89,779 during 2023. During the year, three new programmes in Rwanda, Washington DC and Truro in Cornwall commenced. Summary information on these programmes is set out below but more detailed information can be found on our website https://www.icphilanthropy.ictennis.net/.
The programmes which are supported around the world are:
Argentina
The Development of Tennis, Buenos Aires
The initiative has been developed for children with learning difficulties in schools in Buenos Aires with its partner charity, Fundación Baccigalupo, supported by Gabriella Sabatini. The programme works tirelessly for children and young people with intellectual disabilities to improve their quality of life through the practice of sport.
Australia
Indigenous Tennis & Learning, Western Australia
The Murlpirrmarra Connection is a not-for-profit organisation that aims to improve the wellbeing of Aboriginal youth (aged 12-18) in the remote regions of Western Australia through educational engagement and providing community sport, recreation, and health programmes. Many students are ‘at risk’, particularly in school holidays. A range of community-based school holiday programmes are run to address boredom and reduce juvenile delinquency and substance abuse.
Cambodia (IC of France), Kep
The Tennis School of Kep, financed by the Association Sportive de Kep and supported by IC of France, has been running for over 12 years. It provides young children (who have very limited access to schooling and extracurricular activities) with coaching, supervision and the opportunity to develop skills for a better future.
Chile
Aprende Jugando (Learn at Play), Santiago
The key focus of the programme is young boys and girls between 9 and 16 years who are at significant risk of exposure to drugs or crime. They are supported by the coaches and members of IC of Chile, who participate in the programme to encourage the children to see that there are different options in life.
Page 4
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Achievements and performance (continued)
Ethiopia
Tariku & Desta Kids’ Education Through Tennis Development, Addis Ababa
Monitored by the IC of Germany, children from the city slums are given tennis coaching, education and free meals. Several of the children who exceeded expectations have been rewarded with tennis trips to Germany. The head coaches are brothers Tariku and Desta Tesfaye, who both represented Ethiopia in African Championships and Tariku at the Davis Cup.
Great Britain
The Edgbaston Priory Community Tennis Programme, Birmingham
This programme is run in co-sponsorship with the charity Give It Your Max and with support from Edgbaston Priory Tennis Club. It delivers tennis coaching and competition opportunities in schools and community venues to disadvantaged children and has also helped over 50 disabled young people play tennis.
Great Britain
Inclusive Activity Programme at Richard Lander School, Truro, Cornwall.
This new programme in 2023 is run in partnership with Tim Henman’s Foundation in a mainstream secondary school, working with their special educational needs and disabilities unit to support students who all have a form of additional needs. These are children that mix with mainstream schooling to varying amounts but belong to the unit and get the support they need. The programme is based in an area of high deprivation - it is in the bottom 26% most deprived local authorities in the country with rates of child poverty above the national average (31%). The programme provides regular weekly coaching and some inclusive sports days in the summer term for those who don't feel comfortable competing in the mainstream sports day..
Israel
Israel Tennis Centers ‘Embrace’ Programme, Jaffa, Tel Aviv
Most of the children attending the ‘Embrace’ programme face a difficult home life of poverty and instability and are from a variety of ethnic backgrounds. At the Tennis Center, the children learn tennis, sports and life skills as well as receiving academic tutoring and homework help. Following the Hamas attack on Israel in October 2023, the ITEC Jaffa centre had to close due to safety reasons and the programme relocated to the ITEC Tel Aviv location. It is hoped that the Jaffa centre will reopen towards the end of 2024.
Luxembourg LËTZ PLAY
The programme brings disadvantaged children in a less well-off region to a local pre-existing tennis school. The Social Office (a communal entity) looks after families which are in social and economic need; the social workers of the Social Office invite children to join the tennis school infrastructure where lessons are arranged and where they can mix with other children.
Mexico
Tenis Para Todo El Mundo (Tennis for Everyone), Leon
In conjunction with The Municipal Sports Commission, the programme supports underprivileged children from the local schools between the ages of 6 and 16. This is a vulnerable community with a high exposure to drugs. The programme aims to foster a positive attitude, a strong work ethic and an approach to life that may help the children to overcome some of the challenges they are likely to experience in such an environment.
The Netherlands
Streettennis Project Reigersbos, Amsterdam
In conjunction with the Richard Krajicek Foundation, tennis coaching is provided for approximately 65 children, aged 6-16. There are many one parent households and high unemployment in the district and consequently the financial support from the parents for tennis activities is limited. The programme offers the children 2-4 hours of tennis coaching per week; in addition the kids are also taught life skills and the importance of healthy eating.
Page 5
IC Philanthropy Foundation (A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Achievements and performance (continued)
New Zealand
Aspirational Childhood Education Programme (ACE), Auckland
The programme combines tennis tuition with life skills targeting disadvantaged children. For each lesson a primary life skill is introduced and demonstrated by an activity or game, e.g. communication, responsibility, honesty, problem solving and the fact that everything has a value. As the lessons are delivered free of charge to the children, the IC of New Zealand decided with the school that the children should choose some act of service beneficial to the school as a payment in kind.
Rwanda - Tennis Rwanda Children's Foundation
The International Tennis Club and Tennis Rwanda Children's Foundation are working collaboratively to introduce tennis to children in need throughout Rwanda. The program in Year 1 focused on local schools, small tennis clubs, low-income government housing communities and refugee camps where the need is evident. Year on year, the programme will add trained tennis coaches to help expand the program to most areas throughout Rwanda. The success has been outstanding, with over 1,000 participants and support from sponsors and individual donors.
South Africa
Vosloorus Development Programme, Vosloorus Township, Gauteng
The project started in 2011 and at present around 100 children are coached and mentored on a weekly basis with tennis each afternoon and Saturday mornings. Since inception, over 500 children have benefited from this initiative with some having gone on to represent the province at inter provincial tournaments.
South Africa
Kenton Junior Tennis Programme, Kenton-on-Sea, Eastern Cape
The programme teaches tennis and life skills to school children in an environment rife with unemployment, drugs and alcohol. A “future generation” group has been started at the primary school for those children too young to undertake the walk to the courts. The programme is growing with the help of the Kariega Foundation, which is a non-profit trust that promotes wildlife conservation and helps communities around Kariega Game Reserve next to Kenton. Their involvement with the programme includes coaching assistance, help with life skills lessons, meals and sponsoring some tournament fees and clinic costs.
Spain
Young People with Learning Disabilities, Barcelona
The programme is managed by former two-time French Open champion, Sergi Bruguera, in co-sponsorship with the Catalan Tennis Federation and Acell Federation. Over 50 people with learning disabilities receive year-round sports training offering an opportunity to develop physical fitness, skills, self-confidence, and to have fun. The activities help the players to create new social connections and feel integrated into the community.
Uruguay
Growing Up with Tennis, Montevideo
Tennis nets are set up in public squares, multisport areas and school courtyards, all situated in very poor and ‘difficult’ neighbourhoods. The children, aged from 6 to 14 years, receive an average of 4 hours (two sessions) tennis instruction per week. The aim is to keep children away from the dangers of drugs, to share the values of team playing, to learn respect for teachers and fellow players, to generate self-confidence and pride and to learn to win and lose as well, all with their families’ support.
WTEF - Washington Tennis & Education Foundation, Washington DC
WTEF offers tennis programming for youth and adults with a priority on serving youth within underserved communities. WTEF operate from two locations as well as outreach programmes at over 10 schools within Washington, DC. Programming includes Tiny Tots and Development and Performance for youth ages 4 to 18.
Page 6
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Financial review
During the year, the company received revenue of £161,095 (2022: £51,913). Aside from donations totalling £51,811 a very successful dinner with Sue Barker being interviewed by Anne Keothavong together with silent and live auction raised £106,802 (£72,912 after expenses). These two items make up 98% of total revenue.
Administration expenses were kept to £11,416 (2022: £6,859).
Grants of £89,779 to (2022: £60,508) were made to 17 programmes in 2023. Other sundry income net of costs amounted to a loss of £108. Taking all these together generated net income of £25,330 (2022: deficit of £19,494) in the year to 31 December 2023.
The Trustees have set aside a reserve of £136,000, representing 2 years’ worth of average grants to the programmes. The Trustees have settled on this level of reserve as it currently provides sufficient buffer in the event that the fund-raising environment becomes difficult.
The Trustees seek to limit the charitable expenditure (other than the expense of fundraising events) over a 5 year period to no more than 10% of its income from all sources over the same 5 year period as a mechanism to ensure that the programmes are the primary beneficiaries of funds generated by the Charity.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 19 January 2015. It is a registered charity with the Charity Commission with number 1167925.
The Articles require there shall be at least three Trustees. At least two members of the board shall be approved or nominated by the IC Council in a general meeting and there shall be no more than 10 Trustees of whom no more than three shall be persons who are not members of an International Club (“IC”), provided that there shall at all times be a majority of Trustees who are members of an IC.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Trustees are supported by a Foundation Secretary who is also a Trustee. The Trustees are noted on page 1 of this report.
The Charity does not have any employees and none of the Trustees receive remuneration or other benefit from their work with the Charity. Expenses incurred in the normal course of Trustee business are reimbursed in accordance with an expense policy.
The Charity has adopted a policy of rotation, whereby a third of the Board of Trustees retires every year and are able to offer themselves for re-election at the next relevant Annual General Meeting for a further term of three years or less. It will be the policy of the Charity to seek new Trustees, initially on an informal basis as the activities of the Charity mature.
Page 7
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Structure, governance and management (continued)
The Charity is restricted to 10 Trustees in number, of which three may be Trustees elected from outside the membership of the ICs as independent Trustees. At present there is one Independent Trustee, with the remainder as members of an IC, all of whom will act independently from national ICs and the Council of ICs. It is also the policy of the Charity to recruit additional volunteers to work on sub-committees, without becoming a Trustee.
The skills required on the Board of Trustees and its sub-committees are finance, the law, child development and protection, tennis, communication, marketing and fundraising. Each of these skills are represented in the existing Board and sub-committee structure.
c. Organisational structure and decision-making policies
Trustees meetings
At a Trustees’ meeting, unless a quorum is participating, no proposal is to be voted on except a proposal to call another meeting. The quorum for Trustees’ meetings shall be two. If the total number of Trustees is less than the quorum required, the Trustees must not take any decision other than a decision to appoint further Trustees.
The Trustees meet at least three times a year and more often if required. The matters reserved for the attention of the Trustees include, inter alia:
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The review of and approval of budgets and financial statements;
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The review of grant applications and the subsequent approval of the level of a grant to an applicant with or without conditions;
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The review of regular reports, which must at least be annual, received from the ICs to whom grants have been made; and
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Dealing with matters necessary to run the Charity in accordance with its “Objects” and obligations as a registered charity.
Management structure
The Charity has established the following sub-Committees with defined functions and areas of responsibility.
The Executive sub-committee has responsibility for day to day matters and for monitoring the performance and activities of ICP as a Charity and reporting to the Charity Commission and the Registrar of Companies for England and Wales. Governance accounting and reporting to the shareholders is part of its remit. There are also a Marketing and Fund Raising sub-committee, a Communications and Website sub-committee and a Programme, Performance and Child Protection sub-committee. Each sub-committee is required to meet at least twice a year and prepare written reports for the Board of Trustees on its activities during the period since the previous Board meeting.
Page 8
IC Philanthropy Foundation
(A company limited by guarantee)
Trustees' Report (continued) for the year ended 31 December 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
B Cuthbertson Trustee Date:
Page 9
IC Philanthropy Foundation (A company limited by guarantee)
Independent examiner's report
for the year ended 31 December 2023
Independent examiner's report to the Trustees of IC Philanthropy Foundation ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 9 July 2024
Stephen Moss BSc (Hons) ACA
Kreston Reeves LLP
Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
Page 10
IC Philanthropy Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 December 2023
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 152,886 202 153,088 127,758 127,758 25,330 151,754 25,330 177,084 |
Restricted funds 2023 £ 8,007 - 8,007 8,007 8,007 - - - - |
Total funds 2023 £ 160,893 202 161,095 135,765 135,765 25,330 151,754 25,330 177,084 |
Total funds 2022 £ 51,913 - |
|---|---|---|---|---|
| 51,913 71,407 |
||||
| 71,407 (19,494) 171,248 (19,494) |
||||
| 151,754 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 22 form part of these financial statements.
Page 11
IC Phllanthropy Foundallon IA company Ilmlted by guardntQO Reglstered number. 09395678 Balanco sheot as al 31 Docember 2023 2023 2022 Invastments 90.000 90.000 Current a890ts Debtor8 Cash at bank and 10 3.026 161.393 164.419 Crodltor8: amounts lalllng duo onè yoar 11 (7,339} (12,685) Net ¢urrnnt •8801s 87,084 151,754 Totsl not 01•0ts 177.084 151.754 Charfty fund• Restricted fvnds: Unrestricted funds 12 177,084 151.754 Total fund• 177,084 151.754 The companyw88 enttV8d to • from undersecttan 477 oftho CpanI•S Act 2006. Th• members have not requlred the cw to 01 an audii for the yvar kn question In aGGordanGe wlth section 476 of Companies Act 2008. The Tfuslees acknowledgo thek responsrfilies for the rUreMents of tho A¢i wlth respect lo acL¥>unting records and preparatton of fCIal slatements. The Ilnandal slatèmen15 have been prepared in accudW vAth Iho provtston$ applkable to entilies $ub]eGt to thp small companle8 reglme. The flnandal ststements wer8 apw0d ar1 aultr for Issua by ts TnJ51005 and signed on their behalf ty. F Bunstor Galono Tnjstee B Culhl)ortson Tnjstee Date: z416 Iz<Z4 . z The notes on pages 13 to 22 form ofthese firn(l statemen P•3e 12
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
1. General information
The company is registered as a charitable company, incorporated in England and Wales, limited by guarantee and was set up by a Memorandum of Association on 19 January 2015. It is a registered charity with the Charity Commission with number 1167925.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
IC Philanthropy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in British Sterling and rounded to the nearest Pound.
2.2 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 13
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
2.9 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 14
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Sue Barker Dinner Revenue |
Unrestricted funds 2023 £ 43,804 109,082 152,886 |
Restricted funds 2023 £ 8,007 - 8,007 |
Total funds 2023 £ 51,811 109,082 |
|---|---|---|---|
| 160,893 |
| Donations Legacies Monte Carlo Lottery Revenue |
Unrestricted funds 2022 £ 36,255 9,707 5,951 51,913 |
Total funds 2022 £ 36,255 9,707 5,951 |
|---|---|---|
| 51,913 |
Page 15
IC Philanthropy Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Interest receivable | 202 | 202 | - |
5. Analysis of expenditure by activities
| Grants to Institutions Direct Costs Support Costs Governance Costs |
Activities undertaken directly 2023 £ - 34,570 - - 34,570 |
Grant funding of activities 2023 £ 89,779 - - - 89,779 |
Support costs 2023 £ - - 8,096 3,320 11,416 |
Total funds 2023 £ 89,779 34,570 8,096 3,320 |
|---|---|---|---|---|
| 135,765 |
| Grants to Institutions Direct Costs Support Costs Governance Costs |
Activities undertaken directly 2022 £ - 4,040 - - 4,040 |
Grant funding of activities 2022 £ 60,508 - - - 60,508 |
Support costs 2022 £ - - 4,236 2,623 6,859 |
Total funds 2022 £ 60,508 4,040 4,236 2,623 |
|---|---|---|---|---|
| 71,407 |
Page 16
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Fundraising dinner expenses Administration Independent examination Computer costs Fundraising dinner expenses Administration Independent examination Computer costs |
Support Costs 2023 £ 180 5,381 - 2,535 8,096 Support Costs 2022 £ 1,174 2,095 - 967 4,236 |
Governance Costs 2023 £ - - 3,320 - 3,320 Governance Costs 2022 £ - 13 2,610 - 2,623 |
Total funds 2023 £ 180 5,381 3,320 2,535 |
|---|---|---|---|
| 11,416 | |||
| Total funds 2022 £ 1,174 2,108 2,610 967 |
|||
| 6,859 |
Page 17
IC Philanthropy Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
6. Analysis of grants
| Grants to Institutions 2023 £ Grants to Institutions 89,779 Grants to Institutions 2022 £ Grants to Institutions 60,508 The company has made the following material grants to institutions during the year: 2023 £ Name of institution IC of Germany 7,085 IC of Uruguay 10,127 IC of South Africa 10,419 IC of France - IC of Spain 4,501 IC of Argentina 4,228 IC of New Zealand 3,930 IC of Netherlands 3,240 IC of Australia 8,237 IC of Canada 4,026 IC of Israel Jaffa 4,675 IC of Mexico 6,811 IC of Chile 3,466 IC of Luxembourg 7,702 WTEF 6,332 IC of GB 5,000 89,779 |
Total funds 2023 £ 89,779 |
|---|---|
| Total funds 2022 £ 60,508 |
|
| 2022 £ 6,590 8,351 11,052 4,278 4,278 4,096 - 3,080 8,085 - 4,873 1,978 3,004 843 - - |
|
| 60,508 |
Page 18
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,860 ( 2022 - £1,460 ) , and preparation of statutory accounts of £1,460 (2022 - £1,150).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, expenses totalling £1,921 were reimbursed to 2 Trustees (2022 - £1,175 to 1 Trustee).
9. Fixed asset investments
| Cost or valuation Additions At 31 December 2023 Net book value At 31 December 2023 |
Fixed asset deposit £ 90,000 |
|---|---|
| 90,000 | |
| 90,000 |
10. Debtors
| Due within one year Prepayments and accrued income |
2023 £ 202 202 |
2022 £ 3,026 |
|---|---|---|
| 3,026 |
11. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2023 £ 2,055 5,284 7,339 |
2022 £ 2,055 10,610 |
|---|---|---|
| 12,665 |
Page 19
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
12. Statement of funds
| Statement of funds - current year Unrestricted funds Designated funds Designated funds General funds General funds Total Unrestricted funds Restricted funds WTEF programme and collaboration project Total of funds |
Balance at 1 January 2023 £ 136,000 15,754 151,754 - 151,754 |
Income £ - 153,088 153,088 8,007 161,095 |
Expenditure £ - (127,758) (127,758) (8,007) (135,765) |
Balance at 31 December 2023 £ 136,000 |
|---|---|---|---|---|
| 41,084 | ||||
| 177,084 | ||||
| - | ||||
| 177,084 |
The Trustees have set aside a reserve of £136,000, representing 2 years' worth of average grants to the Programmes as a buffer in the event that the fundraising environment becomes difficult.
IC Philanthropy Foundation received a $10,000 donation from IC USA for purpose of sending $7,500 to the WTEF for the ICP programme, supporting WTEF's mission. The remaining $2,500 was for purpose of another ICPF programme regarding cultural exchange, for which IC Uruguay was selected.
Page 20
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
12. Statement of funds (continued) Statement of funds - prior year
| Unrestricted funds Designated funds Designated funds General funds General funds Total Unrestricted funds |
Balance at 1 January 2022 £ 136,000 35,248 171,248 |
Income £ - 51,913 51,913 |
Expenditure £ - (71,407) (71,407) |
Balance at 31 December 2022 £ 136,000 |
|---|---|---|---|---|
| 15,754 | ||||
| 151,754 |
| 13. Analysis of net assets between funds Analysis of net assets between funds - current year Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 90,000 94,423 (7,339) 177,084 |
Total funds 2023 £ 90,000 94,423 (7,339) |
|---|---|---|
| 177,084 |
Page 21
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2023
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 164,419 (12,665) 151,754 |
Total funds 2022 £ 164,419 (12,665) |
|---|---|---|
| 151,754 |
14. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
15. Related party transactions
During the year, the charity received total unrestricted donations from the Trustees of £336 (2022: £nil).
There were no oustanding balances owing between related parties and the charity at 31 December 2023.
Page 22